Rent increase - fuck fuckity fuck!!!

[BlondeWaves]

Moved into my house 2.5 months ago and now having to move as had a letter from the landlord to say rent is going up by 150 a month. I KNOW I am being unreasonable but I am sat here sobbing because I've just settled here with my young child and the thought of having to go through all that upheaval again is so stressful. I can't afford the extra 150, I'm already stretched with the way everything has increased. This could happen again and again and I just hate our government and the way things are at the moment. I have no resentment towards my landlord as I know his mortgage has realistically gone up by more than 150 a month, but fuck, I'm so stressed. Don't even know what I want from this thread, maybe a handhold, maybe to be told I need to suck it up (weirdly I respond well to tough love) but I need something. Anyone there? 😭

What’s the cost for it? Where from?

I think that we’d see people on here having an utter meltdown-down if private landlords all decided to start offloading their properties over the next couple of years.

Those complaining about how adults it is that these landlords exist would complain even more about how terrible it was that there was nowhere to rent.

On another point I’m stunned, having now looked up how much rentals in my building are, to see how much more everyone else is charging. I only review once per year and because of this thread think that I could literally be charging double, so I need to thank Upthebracket22 and others for bringing this to my attention.

Are you on an AST? If so they should not yet be able to increase it

Being a landlord is not immoral in any way. Upping the rent within 6 months is immoral. The landlord would have known the mortgage would go up at the time of advertising.

It's really about give and take and finding the right balance. Thankfully I have with my current tenants. There are things I would never do, such as this but at the same time, I expect tenants to pay on time and look after the house.

@BlackcurrantSorbet
But ultimately, you are in an immoral business, you want the poorer in society to pay for your house or in your case houses?
All businesses function by people investing capital to make profit. Do you think supermarkets are immoral? Farmers? Car manufacturers? Those evil coffee shops that charge you much more than it costs you to make coffee and cake at home? What an absurd comment

Yours is the absurd comment.

There is a proven and working model for housing for the less well off - Council Housing, its beyond stupid to compare housing to a coffee shop or a supermarket.

Council housing costs the govt little or nothing, give cheap rents and puts money in peoples pockets to spend in the locality, helping shops businesses and even coffee shops.

The UK Govt has never, outside of war, controlled or marketed food for sale to the public.

I agree.

And I think it happens more than we realise.

I'm out. Best wishes to OP x

Ask him if you can spilt the difference with him (eg £75) as the increase is the difference between you being able to buy food or not.

Yeh probably

You do understand though that it’s not only the “less well off” who rent?

Sorry if this has been suggested already @BlondeWaves have you thought about applying for housing benefit? Didn't RTFT. NGL I CBA to read 20 pages!

The funding comes from long-term government bonds with long maturity say 25 years. The collateral is the underlying asset and the rental income making them very stable and cheap to fund. The government raises money for the UK Social Housing Fund Bond - let's say 5 billion in tranche 1. Then in conjunction with local authorities, they become the buyer of the last resort of private landlords forced into a sale through rent caps / banning no-fault evictions.

In conjunction with local authorities /housing associations distressed sales are analysed and ownership passes from the landlord to social housing probably at a discount to the market. Depending on the financial circumstances of the tenant they could be given an option of rent to equity with the possibility of increasing the ladder of ownership if appropriate.

So it is paid for partly by a distressed sales' tax' on the landlord, mostly from long-term bonds funded by the rent and all supercharged by housing benefits going directly back to the housing authority.

Why should the landlord expect no impact to profit margins in these times?

Renters aren't cash cows, an 18% increase in rent overnight is unreasonable so they should be willing to share the pain.

I'm neither a landlord nor a renter but I have observed that as so often happens on any thread on this subject on here, the rabid anti-landlords come out in force. They won't be happy until the restrictions on LLs are so severe that they will all sell, which will mean the disappearance of all private rentals and then they will really have something to cry about.

One bright spark suggested landlords should sell their rental houses to allow people to own their own homes. I would love to know how you think people renting will suddenly find enough money for a deposit to buy. Why the fuck do you think they are renting in the first place?

As for those who think that the Government, left or right, is going to build thousands of homes for cheap rental - you're living in cloud cuckoo land.

Ok, so your genius idea is based on the following?

Forcing citizens of the UK to sell their assets, under value to a central government agency.
Said governemtn agency, has surplus funds to purchase the entire UK housing market.
They then also have surplus funds in the coffers to run, maintain and keep up this huge portrfolio of property.

Few flaws, none bigger than the huge finanical black hole we are currently in....

So if I was to sell my rental below market valve , the tenant would be out I'd move my partner in to it on paper then pass it onto my daughter

No way would I sell cheap , I have a little private pension so my rental in my pension

Pretty much

No, monthly contract.

Eh?

Council housing does not and has never cost the government little to nothing! Where did you get that nutty idea from?

Government housing is very expensive to the taxpayer. Not to say it’s not a good thing but no point not being honest. If we want to build social housing, that will cost a lot and we need to work out how to pay for it.

This is great advice

Only the homeless on the streets are actually homeless. So it can be surmised there are probably enough houses in the UK to meet demand. The ownership and the fairness of that in providing affordable secure housing for all is what is at stake here. My outline plan which I have dreamt up seems to tackle those issues head-on without having to massively build new stock (though that will be part of the solution).

Council housing isn't a net drain on the councils that have cheap stock paid for many times over by the tenants over decades. It has been political policy to privatise that over the last 40 years and here we are—time to put that into reverse.

As for those who think that the Government, left or right, is going to build thousands of homes for cheap rental - you're living in cloud cuckoo land
And lose all the tax on revenue. A definite winner 🙄

You are not forced to sell if you can provide the housing under rent controls and no-fault evictions you will be encouraged to to so. There is no need to buy the whole UK private rental market - that will come in hopefully in a managed flow and it is funded from the ring-fenced capital market bonds and rental income.

I can see many home owners having to sell up over the coming year due to interest rate rises and other rising costs of living. They will have to find somewhere to rent.

Landlords will be equally affected by the same interest rate rises etc and many will have to sell up too. This means there will not be enough rental properties available to rehouse those homeowners who are selling up.

This would, surely, create a situation where an unprecedented number of families are homeless. Where will they go?

There is a proven and working model for housing for the less well off - Council Housing

I would have thought it v clear i was referring to the Council housing FOR the less well off, perhaps read the post before being so quick to respond??

Rental properties have always existed and always should, its the balance that is now very wrong.

The Safety net Welfare state shouldn't be in private hands, it doesn't work.

e.g If the OP was in a council house, she wouldn't be getting a huge rent increase (mainly) because Truss messed up.